DTI: Price freeze in effect in areas under state of calamity due to Egay

The Department of Trade and Industry (DTI) said on Friday that a price freeze on basic necessities is in place in areas under a state of calamity due to the effects of Typhoon Egay.

In a statement, Trade Secretary Alfredo Pascual warned of repercussions against those who would not comply with the price freeze.

Under Republic Act 7581, or the Price Act, as amended by RA 10623, prices of basic necessities are automatically frozen at their prevailing prices for 60 days once a state of calamity (SOC) is declared in an area.

The following areas declared a state of calamity:

The price freeze shall be automatically terminated after 60 days "unless sooner lifted by the President," according to Pascual.

"We are currently in close coordination with our Regional and Provincial Offices within the affected areas to monitor the situation of our kababayans and to ensure the stability of prices and availability of supply of products under our jurisdiction," he said.

"We also activated our monitoring teams to check if establishments are complying with the price freeze. We at DTI will take immediate action against those who will be caught doing unfair and unjust sales practices," he added.

The DTI monitors products under its jurisdiction, such as canned fish, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt.

Under the Price Act, business establishments found to have violated the price freeze will face a penalty of imprisonment for a period of one year to 10 years, a fine ranging from P5,000 to P1 million, or both, at the discretion of the court.

Pascual called on consumers to report retailers, distributors, and manufacturers that sell basic necessities above their prevailing prices. — VBL, GMA Integrated News